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Mayor Says City Surviving Economic Slump

DENVER-The economy is not that bad, Denver Mayor Wellington E. Webb says, but belt-tightening is needed nonetheless. His staff is performing a comprehensive evaluation of outstanding capital project funds and needs.

By John Rebchook | Updated on March 18, 2002

DENVER-Despite lagging sales tax revenue and a slow economic recovery predicted for the state of Colorado, Denver Mayor Wellington E. Webb says the city can weather the current economic recession. “My grandmother used to tell me that it’s easier to fix the roof while the sun is shining, before it started raining and she was right,” Webb says.

“As a result of a smart, conservative fiscal philosophy shared by my administration and the Denver city council, coupled with a decade of strong economic conditions, we now enjoy a more diversified and stable economy that has helped to significantly improve our city’s financial condition,” Webb adds. “Our economy is now defined by a variety of large industries and small businesses.”

Denver’s economic growth was fueled by construction, telecommunications, tourism, and rapid in-migration and during this period, the general fund’s carryover balance has increased reserves from $30 million in the late 1980′s to over $103 million at the end of 2001.

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